CBAK Energy Technology, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>CBAK Energy Technology, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and corporate information.</b>

AI Summary

CBAK Energy Technology, Inc. (CBAT) filed a Annual Report (10-K) with the SEC on March 15, 2024. CBAK Energy Technology, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Nevada and its principal executive offices are located in Dalian City, Liaoning Province, China. Common Stock, $0.001 par value, is traded under the symbol CBAT on The Nasdaq Stock Market LLC. The company has submitted electronically every Interactive Data File required for the preceding 12 months. CBAK Energy Technology, Inc. was formerly known as CHINA BAK BATTERY INC and MEDINA COFFEE INC.

Why It Matters

For investors and stakeholders tracking CBAK Energy Technology, Inc., this filing contains several important signals. This filing provides a comprehensive overview of CBAK Energy Technology's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. As a publicly traded company on Nasdaq under the ticker CBAT, this 10-K filing is essential for market participants to understand the company's compliance with regulatory requirements and its strategic direction.

Risk Assessment

Risk Level: medium — CBAK Energy Technology, Inc. shows moderate risk based on this filing. The company's operational and financial details are not yet available in this initial filing, requiring further review of the full 10-K document to assess specific risks.

Analyst Insight

Investors should review the full 10-K filing to understand CBAK Energy Technology's financial performance, operational risks, and strategic initiatives for 2023.

Key Numbers

• 2023 — Fiscal Year End (For the fiscal year ended December 31, 2023)
• 001-32898 — Commission File Number (Commission File No. 001-32898)
• 88-0442833 — IRS Employer Identification No. (IRS NUMBER: 880442833)
• 116450 — Zip Code (Address of principal executive offices)
• 001-32898 — SEC File Number (Commission File No. 001-32898)

Key Players & Entities

• CBAK Energy Technology, Inc. (company) — Registrant
• CBAT (company) — Trading Symbol
• The Nasdaq Stock Market LLC (company) — Exchange
• December 31, 2023 (date) — Fiscal Year End
• 20240315 (date) — Filing Date
• Nevada (jurisdiction) — State of Incorporation
• Dalian City, Liaoning Province, China (location) — Principal Executive Offices
• CHINA BAK BATTERY INC (company) — Former Company Name

FAQ

Industry Context

CBAK Energy Technology operates in the battery manufacturing sector, a critical component of the growing energy storage and electric vehicle industries.

Regulatory Implications

As a publicly traded company in the US, CBAK Energy Technology is subject to the reporting requirements of the Securities Exchange Act of 1934, including the filing of annual reports on Form 10-K.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the company's operational segments and any disclosed revenue or growth figures.
3. Assess the identified risk factors and their potential impact on the company's future performance.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-03-15: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 Form 10-K. Comparative data from the previous year's 10-K will be available within the document itself.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value CBAT The Nasdaq Stock Market
• $1.22 — s (based upon the closing sale price of $1.22 per share) was approximately $ 95.2 mil
• $0.2 million — , 2022 and 2023, we transferred nil and $0.2 million to our PRC subsidiaries as capital cont
• $138.64 million — ade cumulative capital contributions of $138.64 million to our existing PRC subsidiaries, which
• $2,958,048 — cember 31, 2018 and 2019. A dividend of $2,958,048 was declared and paid to its shareholde
• $2,480,944 — other shareholders, a total dividend of $2,480,944 was declared in January 2020 but remain
• $1,333,135 — ch 2018, Hitrans declared a dividend of $1,333,135 for the year ended December 31, 2017, a
• $533,254 — ar ended December 31, 2017, among which $533,254 was paid in July 2018 and the remaining
• $799,881 — was paid in July 2018 and the remaining $799,881 was paid in 2019. Except for the above

Filing Documents

• ea0201512-10k_cbakenergy.htm (10-K) — 2373KB
• ea020151201ex4-1_cbak.htm (EX-4.1) — 34KB
• ea020151201ex10-10_cbak.htm (EX-10.10) — 78KB
• ea020151201ex10-11_cbak.htm (EX-10.11) — 46KB
• ea020151201ex10-12_cbak.htm (EX-10.12) — 81KB
• ea020151201ex21-1_cbak.htm (EX-21.1) — 10KB
• ea020151201ex23-1_cbak.htm (EX-23.1) — 5KB
• ea020151201ex23-2_cbak.htm (EX-23.2) — 3KB
• ea020151201ex31-1_cbak.htm (EX-31.1) — 16KB
• ea020151201ex31-2_cbak.htm (EX-31.2) — 15KB
• ea020151201ex32-1_cbak.htm (EX-32.1) — 6KB
• ea020151201ex32-2_cbak.htm (EX-32.2) — 8KB
• ea020151201ex97-1_cbak.htm (EX-97.1) — 27KB
• image_001.jpg (GRAPHIC) — 8KB
• image_002.jpg (GRAPHIC) — 81KB
• ex23_001.jpg (GRAPHIC) — 7KB
• ex23-2_001.jpg (GRAPHIC) — 11KB
• ex23-2_002.jpg (GRAPHIC) — 7KB
• 0001213900-24-023050.txt (&nbsp;) — 15356KB
• cbat-20231231.xsd (EX-101.SCH) — 176KB
• cbat-20231231_cal.xml (EX-101.CAL) — 106KB
• cbat-20231231_def.xml (EX-101.DEF) — 691KB
• cbat-20231231_lab.xml (EX-101.LAB) — 1246KB
• cbat-20231231_pre.xml (EX-101.PRE) — 702KB
• ea0201512-10k_cbakenergy_htm.xml (XML) — 1795KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 38 Item 1C. Cybersecurity 38 Item 2.

Properties

Properties 39 Item 3.

Legal Proceedings

Legal Proceedings 39 Item 4. Mine Safety Disclosures 39 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 40 Item 6. [Reserved] 40 Item 7.

Management's Discussion And Analysis Of Financial Condition And Results Of Operations

Management's Discussion And Analysis Of Financial Condition And Results Of Operations 41 Item 7A.

Quantitative And Qualitative Disclosures About Market Risk

Quantitative And Qualitative Disclosures About Market Risk 56 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 57 Item 9A.

Controls and Procedures

Controls and Procedures 57 Item 9B. Other Information 59 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 59 PART III Item 10. Directors, Executive Officers and Corporate Governance 60 Item 11.

Executive Compensation

Executive Compensation 60 Item 12.

Security Ownership Of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership Of Certain Beneficial Owners and Management and Related Stockholder Matters 60 Item 13. Certain Relationships and Related Transactions, And Director Independence 60 Item 14. Principal Accountant Fees and Services 60 PART IV Item 15. Exhibits, Financial Statement Schedules 61 Item 16. Form 10-K Summary 63 i INTRODUCTORY NOTE Use of Terms Except as otherwise indicated by the context and for the purposes of this report only, references in this report to: "Company", "we", "us" and "our" are to the combined business of CBAK Energy Technology, Inc., a Nevada corporation, and its consolidated subsidiaries; "BAK Asia" are to our Hong Kong subsidiary, China BAK Asia Holdings Limited; "CBAK New Energy" are to our PRC subsidiary, Dalian CBAK New Energy Co., Ltd., a company that was previously named Dalian CBAK Trading Co., Ltd. until December 12, 2023; "CBAK Power" are to our PRC subsidiary, Dalian CBAK Power Battery Co., Ltd.; "CBAK Shangqiu" are to our PRC subsidiary, CBAK New Energy (Shangqiu) Co., Ltd.; "CBAK Suzhou" are to our 90% owned PRC subsidiary, CBAK New Energy (Suzhou) Co., Ltd.; "CBAK Energy" are to our PRC subsidiary, Dalian CBAK Energy Technology Co., Ltd.; "BAK Investments" are to our Hong Kong subsidiary, BAK Asia Investments Limited; "CBAK Nanjing" are to our PRC subsidiary, CBAK New Energy (Nanjing) Co., Ltd; "Nanjing CBAK" are to our PRC subsidiary, Nanjing CBAK New Energy Technology Co., Ltd.; "Nanjing BFD" are to our PRC subsidiary, Nanjing BFD New Energy Technology Co., Ltd., a company that was previously named Nanjing Daxin New Energy Automobile Industry Co., Ltd. until February 24, 2023; "Hitrans Holdings" are to our Cayman Islands subsidiary, Hitrans Holdings Co., Ltd., a company that was previously named CBAK Energy Technology, Inc. until February 29, 2024; "Nacell Holdings" are to our Hong Kong subsidiary, Hong Kong Nacell Holdings Company Limited; "CBAK Energy Investments" are

View Full Filing

View this 10-K filing on SEC EDGAR